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May 13, 2021 

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WTO: The abbreviation for World Trade Organization, which is an international organization that oversees multilateral trade among nations. The WTO was established in 1995 by the Uruguay round of trade negotiations to replace the General Agreement on Tariffs and Trade (GATT) that had been in place for the preceding five decades. The WTO administers multilateral trade agreements, provides a forum for trade negotiations, handles trade disputes, monitors national trade policies, and provides technical assistance and training for developing countries. The WTO has about 150 member countries.

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PRICE TAKER: A buyer or seller that possess so little market power that it has no control over the price of the good, it must "take" or accept the going market price. The market structure widely populated with a bunch of powerless price takers is perfect competition. You should compare this term with price maker. Other related terms worth a look are price leader, natural monopoly, regulatory pricing.

     See also | price | market structure | price maker | perfect competition | perfectly elastic | perfect competition and demand |


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PRICE TAKER, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 13, 2021].


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AVERAGE REVENUE

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for celebrities who speak directly to you through your television.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"The tragedy of life is not so much what men suffer, but rather what they miss. "

-- Thomas Carlyle, Historian

CIFE
Cost, Insurance, Freight and Exchange
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